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The AFM again imposes an order for incremental penalty payments on a Belgian currency trader

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The AFM has requested Mr Van Renynghe de Voxvrie to provide specific information and various insights. It concerns, inter alia, further information on Mr Van Renynghe de Voxvrie's activities and his offers to consumers. The AFM requires this information in order to establish if, and to what extent, he complies with the Financial Supervision Act (Wft) and whether there are activities in respect of which a licence is required. Within the context of this supervision investigation, the AFM performed an on-site investigation on 28 February 2012 during a seminar given by Mr Van Renynghe de Voxvrie in The Hague.

The requests for information focus on the question of whether or not Mr Van Renynghe de Voxvrie offers investments (Article 2:55 Wft) and/or the right of participation in a collective investment company (Article 2:65 Wft). The AFM also investigates whether he provides investment services or investment activities (Article 2:96 Wft).

Mr Van Renynghe de Voxvrie did not supply the AFM with the requested information by the deadline and is therefore required to make incremental penalty payments. He responded to the AFM's questions after the expiration of the deadline, but said response was insufficient. The requested information still needs to be provided to the AFM. The order for incremental penalty payments amounts to € 15,000 for each day he fails to comply with this order and has a maximum of € 300,000.

The AFM has previously imposed an order for incremental penalty payments on Mr Van Renynghe de Voxvrie on 29 March 2012 in order to obtain bank details. This order was published on the AFM website on 13 April 2012. Mr Van Renynghe de Voxvrie has not yet provided this information.

What is an order for incremental penalty payments?

An order for incremental penalty payments is an instrument used to order a company or a person to perform or cease to perform certain actions. If the order is not complied with during the term set, the company/person is required to pay a certain amount.

If you have any questions or comments you can contact the Financial Markets Information Line on: 0800-5400 540 (free of charge).

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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